Section 198

(1)

If the operator of a collective investment scheme believes on reasonable grounds that the collective investment scheme is not commercially viable or the purpose of the collective investment scheme cannot be achieved, the operator must notify the Authority and include the information specified in sub-regulation

{2}.

317

(2}

The information referred to in sub-regulation ( ll is

{a)

the name of the collective investment scheme;

{b) the size and type of collective investment scheme;

{c)

the number of unit holders;

{d) whether dealing in the collective investment scheme's units has been suspended;

{e)

why the request is being made;

{f)

what consideration has been given to the collective investment scheme entering into a transfer collective investment scheme with another collective investment scheme and the reasons why a transfer collective investment scheme is not possible;

{g) whether unit holders have been informed of the intention to seek winding up or revocation and if not, when they will be informed;

{h)

the details of any proposed preferential switching rights offered or to be offered to unit holders;

(i)

details of any proposed rebate of charges to be made to the unit holders who recently purchased the units;

{j) where the costs of winding up will fall

(i}

that the operator, having taken reasonable care in considering the matter, is certain that a transfer collective investment scheme is not practical;

(ii)

an explanation of what steps have been considered that would result in the collective investment scheme not requiring to wind up;

(iii)

confirmation that the operator has carried out its functions and duties in accordance with the Order and these

Regulations; and

(iv)

whether the collective investment scheme's investment and borrowing powers have been exceeded;

{k} the preferred date for the commencement of the winding up; and

{I}

any additional information that may be relevant to the Authority's consideration.

(3)

The Authority may request further information after receipt of the notification.

Fund transfer requirements.

Report

Read on from s 199